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Indian automaker Tata Motors Ltd said on Monday it was exploring the sale of a portion of its stake in Tata Technologies through an initial public offering (IPO).

The proposed IPO could be among Tata Group's first in years, with direct broadcast satellite service provider Tata Play also set to file offer documents with the market regulator soon.

Tata Technologies, a product engineering and digital services company, was founded in 1989 as a unit of Tata Motors. The automaker held a 74.43% stake in the company as of March 31, the latest annual report showed.

Tata Motors in 2018 called off a deal to sell an about 43% stake in Tata Technologies to private equity firm Warburg Pincus for $360 million, citing delays in securing regulatory approvals and performance not meeting thresholds.

The 2022 fiscal annual report showed increased sales at Tata Technologies drove a 46% jump in Tata Motors' revenue from other operations.

The Tata conglomerate had 29 publicly listed companies with a combined market capitalisation of $314 billion as of end 2021.